Financial position

Balance sheet analysis

Compared to year-end 2024, the HHLA Group’s balance sheet total rose by € 59.4 million to € 3,343.4 million as of 31 March 2025 (31 December 2024: € 3,284.0 million).

On the assets side of the balance sheet, non-current assets rose by € 43.5 million to € 2,671.7 million (31 December 2024: € 2,628.2 million). The change was mainly due to investments in tangible and intangible assets less scheduled depreciation and amortisation.

Current assets increased by € 15.9 million to € 671.7 million (31 December 2024: € 655.8 million). The change was mainly due to an increase in trade receivables, as well as receivables from related parties. There was an opposing effect from the decrease in cash, cash equivalents and short-term deposits.

On the liabilities side, equity rose by € 21.8 million to € 845.6 million compared to the year-end figure for 2024 (31 December 2024: € 823.8 million). The increase was largely due to the positive overall result for the reporting period. The equity ratio increased to 25.3 % (31 December 2024: 25.1 %).

Non-current liabilities decreased by € 20.8 million to € 1,983.3 million (31 December 2024: € 2,004.1 million). This was primarily due to the decrease in pension provisions and non-current liabilities to related parties.

The increase in current liabilities of € 58.4 million to € 514.5 million (31 December 2024: € 456.1 million) was primarily attributable to the increase in trade liabilities, current non-financial liabilities and current liabilities to related parties.

Investment analysis

Capital expenditure in the reporting period totalled € 86.2 million, and was thus slightly above the prior-year figure of € 85.3 million.

A major share of capital expenditure in the first three months of 2025 focused on the procurement of container gantry cranes and large-scale equipment for horizontal transport at HHLA’s container terminals in the Port of Hamburg. Investments were also made in the purchase of locomotives and container wagons, as well as in the expansion of the METRANS Group’s hinterland terminals. In the Real Estate subgroup, capital expenditure focused on the development of the Speicherstadt historical warehouse district in Hamburg.

Liquidity analysis

In the reporting period, cash flow from operating activities of € 61.9 million (previous year: € 28.9 million) mainly comprised earnings before interest and taxes of € 32.5 million (previous year: € 17.4 million), write-downs and write-ups on non-financial assets of € 42.7 million (previous year: € 44.1 million) and the increase in trade payables and other liabilities of € 52.9 million (previous year: € 20.5 million). The main opposing items were the increase in trade receivables and other assets of € 50.4 million (previous year: € 33.9 million), as well as interest payments of € 10.1 million (previous year: € 9.2 million) and income tax payments of € 7.2 million (previous year: € 11.7 million).

Investing activities led to a cash outflow of € 73.5 million (previous year: € 79.0 million). This was primarily attributable to payments for investments in property, plant and equipment and investment property amounting to € 66.8 million (previous year: € 74.6 million). As in the previous year, there were no outgoing or incoming payments for short-term deposits in the first quarter of 2025.

Free cash flow – i.e. the total cash flow from operating and investing activities – totalled € - 11.6 million (previous year: € - 50.1 million).

Financing activities led to a cash outflow of € 19.0 million (previous year: € 26.2 million). This resulted mainly from the redemption of lease liabilities amounting to € 12.7 million (previous year: € 12.0 million) and outgoing repayments of (financial) loans amounting to € 6.9 million (previous year: € 47.0 million). It was offset by proceeds from the assumption of financial loans, which came to € 0.6 million (previous year: € 33.0 million).

The HHLA Group had sufficient liquidity as of 31 March 2025. There were no liquidity bottlenecks in the period to the balance sheet date. Financial funds totalled € 255.0 million as of the end of the first quarter (31 March 2024: € 166.1 million). Including all short-term deposits, the Group’s available liquidity as of the balance sheet date amounted to € 275.0 million (31 March 2024: € 166.1 million). As of 31 March 2025, available liquidity comprised cash pooling receivables from HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH amounting to € 57.0 million (31 March 2024: € 11.7 million) and cash, cash equivalents and short-term deposits of € 218.0 million (31 March 2024: € 154.5 million).